Italamerica S.A.

List of Deals

Italamerica S.A. was established as a societe anonyme under the laws of the Grand Duchy of Luxembourg. It was created in early 1969. The purpose of the fund was to invest at least half of the portfolio in securities issued by Italian companies and organizations, with the remainder consisting primarily of investments in securities issued by companies in the United States and Canada.

The investment company sold its shares to the public at a price of $10.60. Two large European banks—Banca Commerciale Italian and the Banque de Paris et des Pays-Bas— and Lehman Brothers underwrote an issue of 4,990,000 shares, which were distributed through a European selling group in early April.

Since approval was not sought from the U.S. Securities and Exchange Commission, the shares could not be sold to Americans. The French were also barred from buying them because of exchange controls.

The former American ambassador to France and the Soviet Union, Charles E. Bohlen, was chosen to serve as the first chairman of the fund. The board also included George Ball, former undersecretary of state and later a partner of Lehman Brothers.